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March 10, 2021

On the wires

Veem Releases New Product Package – Veem Local – Now Offering Free Domestic Payments for Small Businesses

Veem , a leading provider of online payment solutions, today announced the launch of Veem Local — a new product package offering that provides a no-fee domestic payment product, including ACH and check payment options for small businesses. As many SMBs continue to face economic stress and uncertainty, the company’s latest offering aims to give back value to small business owners.”

September 30, 2020

On the web

August 18, 2020

On the web

‘Positive Pay’ mechanism introduced by RBI will make cheque payments safer

Times of India

“The new ‘Positive Pay’ mechanism introduced by the Reserve Bank of India (RBI) will make cheque payments safer and reduce instances of frauds. Issuers will be able to send all details to their bank, thereby ensuring faster clearance of cheques above Rs 50,000. All cheques will be processed as per the information sent by the account holder at the time of issuance of cheques. This will cover approximately 20 percent of transactions by volume and 80 per cent by value.”

May 29, 2020

On the web

How check maker Deluxe is working to digitize coronavirus relief payments


“Deluxe, trying to diversify from its declining checking-business model, has developed a platform enabling EAF recipients to receive relief funds via ACH, PayPal or a virtual prepaid card instead of a check. The EAF works with about 60 major corporations, most of them based in the U.S., to distribute IRS-approved employee hardship grants, typically sending out 2,000 payments per month. During the pandemic, more than 5,000 people per month are qualifying for EAF aid. Less than two years ago, the EAF began working with Deluxe to notify disaster-fund recipients of available money via email addresses typically on file with employers. Through the Deluxe Payment Exchange , EAF sends messages to prospective payees with instructions to securely input their bank or PayPal account details or opt for a virtual Visa card that’s immediately activated via email.”

March 2, 2020

On the web

January 31, 2020

January 3, 2020

On the web

New Fed Data Underscores How Far Electronic Payments Have Eaten Into Checks

Digital Transactions

“It’s no secret that electronic payment methods have systematically eaten away at check volume in the United States, but now new data from the Federal Reserve shows just how far that trend has gone.  A total of 16 billion checks were written in 2018 for a total value of $26.2 trillion, according to the Fed’s latest Payments Study, released in December. That’s down from 20.2 billion and $29.68 trillion in 2015, the last year of the Fed’s previous triennial study.”

July 5, 2019

Top Post

Your Next Checking Account Could Get You a Spotify Subscription

Wall Street Journal (paywall)

“Open a checking account at Citigroup C +0.69% Inc. and you may get a free Costco membership. And a subscription to Amazon Prime, and several months of Hulu or Spotify . That could be on top of a Citi Bike membership and an invitation to a private party with graffiti artist Queen Andrea. It wasn’t so long ago that a bank account’s primary perks were checkbooks and lollipops. These days, banks are pulling out all the stops to attract checking-account deposits.”

April 3, 2019

On the wires

February 26, 2019

On the web

February 4, 2019

On the web

Cheques to be excluded from UK’s New Payments Architecture


“Once again cheques in the UK are facing their demise, this time as a consequence of their being excluded from the New Payments Architecture project, or “NPA”. This time it will be a slow and lingering death over a 10-15 year period, as investment is channeled into other services and the cheque service withers on the vine.”

January 29, 2019

On the web

October 18, 2018

On the web

March 14, 2018

On the wires

VSoft Launches OnView Positive Pay

“According to the Association for Financial Professionals’ 2017 Payments Fraud and Control Survey report, 75 percent of organizations experienced check fraud in 2016, which is an increase from 71 percent in 2015. OnView Positive Pay can significantly enhance an institution’s cash management technology portfolio, and by offering this intuitive application to business account holders, institutions can create a new source of revenue while mitigating risks overall.”

October 30, 2017

On the web

UK begins roll out of cheque imaging


“The UK is beginning the phased roll out an image-based cheque clearing system that will slash processing times from six ‘weekdays’ to one day and pave the way for the introduction of interbank mobile cheque deposits. Although cheque usage is in decline, 477 million were written in 2016. Previous attempts to abolish cheques caused political uproar and howls of protest from consumer groups and charities which still rely on paper-based donations.”

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